BTC is about to rally, aiming for 108000?!!
Five days ago, I mentioned that #BTC would induce a short squeeze down to 10.4, followed by a rebound. As a result, it hit a low of 103032. The past few days have seen narrow fluctuations; although weak, the short-term trend remains bullish. I haven't shared my views in the past few days due to laziness, so here is my latest perspective:
1. From the chip structure perspective: support is at 102300, while there are two resistance levels above. One is around XXXX, which is a smaller resistance, but I will choose to take profits on long positions here since BTC is currently only in a weak bullish trend, and I want to be conservative. The other resistance is around 108700, and I don't foresee higher levels in the short term.
2. From the estimated liquidation perspective: a drop to 102300 could trigger a liquidation of 1.6 billion, while a rise to 108700 could trigger a liquidation of 1.7 billion. Actually, both long and short positions are quite similar in this regard.
In summary, I believe the recent market is mainly in a consolidation phase. Many trend-based short-term traders are finding it very difficult to make trades lately, and many are getting hit on both sides, resulting in significant losses. Meanwhile, I have chosen to continue with my slow money printing strategy: buying BTC on dips and shorting junk altcoins on highs, gradually building my positions and patiently waiting for volatility to appear. Both long and short positions can be profitable. If the market rallies, I will take profits on my BTC long positions before hitting 108700; if it drops, my shorts on junk altcoins will also profit. Let's see some volatility!
Chat in 清水的小天地; sometimes I will share my views there.
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